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Take-out Financing
Permanent or long-term financing of individual condominium units for their respective buyers Tax Deed A deed for property sold by a government unit for non-payment of taxes. Tax Sale A sale of property, usually at auction, for non-payment of assessed taxes. Tenancy at Sufferance A tenancy arising when the tenant wrongfully holds over after the expiration of their term. The landlord has the choice of evicting the tenant or accepting them for a similar term and under the conditions of the previous holding. Tenancy at Will Possession and occupancy of land terminable at the will of either party. Tenancy by the Entirety A tenancy held by husband and wife giving each the equal right to possession and enjoyment during t their join lives, along with the right to sole ownership upon the death of either partner. Tenancy for Years Leasing of a property for a fixed period of time. Tenancy in Common Ownership by two or more persons who hold undivided interest, without right of survivorship. Upon the death of one tenant, their interest goes to their heirs. Interests need not be equal, and each owner is possessed of the whole of an undivided part. Tender To offer; to present. Tenements All rights in land which pass with a conveyance of the land. Testament The written declaration of one’s last will Testate One who dies with a will. Testator One who leaves a will in force at their death. Time is of the Essence In a contract, a requirement of punctual performance. Time Sharing A form of multiple ownership in which purchasers buy specific time periods for use of the property represented by tenancy in common interest. Title Evidence that an owner of land is in lawful possession thereof; an instrument evidencing such ownership. Title Insurance A policy of insurance which indemnifies the holder for loss sustained by reason of a defect in the title, provided the loss does not result from a defect excluded by the policy provisions. Topography The nature of the surface of land. Torrens System A system for the registration of land under state law indicating the status of the title, including ownership and encumbrances, without the necessity of additional search of the public records; Land Court. Tort A negligent or intentional wrong; a wrongful act; violation of a legal right. Trade Fixture Articles of personal property annexed to real property, but which are necessary to the carrying on of a trade and are removable by the owner or tenant when they leave. Transact To conduct business affairs; to carry out, perform or manage. Transfer Certificate of Title The TCT is the Land Court registration document assigned to a registered property. Trespass Wrongful invasion of land by one having no lawful right to enter. Trust Deed A deed given by borrower to trustee to be held pending fulfillment of an obligation. Trustee One who holds property in trust for another to secure the performance of an obligation. Truth-in Lending A federal law designed to let borrowers know the exact cost of obtaining credit; a disclosure device. Undivided Interest Title to property owned by two or more persons, none of whom are entitled to claim or possess any specific part. Unilateral Contract A contract whereby only one party is obligated to perform their obligation to another. United States Government Survey System A method of describing or locating real property by reference to the governmental survey; rectangular survey system. Unmarketable Title A title containing substantial defects which might cause a prospective purchaser to suffer title litigation and possible loss. Upset Price The minimum price at a foreclosure sale below which the property cannot be sold. Usury Charging a rate of interest on a loan greater than that permitted by law. |
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